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Smartphone Cover Maker Biel Crystal Files for Hong Kong IPO

MT Newswires ·  {{timeTz}}

02:38 AM EST, 02/03/2022 (MT Newswires) -- Biel Crystal Holdings filed its initial public offering application in Hong Kong and hired JPMorgan, HSBC and CICC as joint sponsors, according to a Jan. 31 prospectus.

The device enclosure maker's products include covers and cases for smartphones, wearables and tablets. They are being sold in overseas markets such as the US, South Korea, Japan, Germany, Vietnam and Switzerland.

It generated a revenue of HK$27.5 billion ($3.5 billion) and HK$29.9 billion for the years ended March 2020 and 2021, respectively, while net profit amounted to HK$1.85 billion in 2020 and HK$3.16 billion in 2021.

If the IPO is approved and the share sale materializes, the Hong Kong-headquartered firm will use the deal proceeds to upgrade production facilities and IT systems, build new R&D centers and invest in ESG initiatives.

Biel Crystal is looking to join other mobile products distributors listed in Hong Kong such as SiS International (HKG:0529), China Fortune (HKG:0110) and Neo Telemedia (HKG:8167).

Price (HKD): $2.00, Change: $-0.10, Percent Change: -4.76%

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